Market Overview

UPDATE: Oppenheimer Raises Check Point Software's PT

According to a research report published earlier today, Oppenheimer has increased Check Point Software Technologies' (NASDAQ: CHKP) PT from $65 to $70.

Oppenheimer said in the report, “Our 1Q12 mid-quarter channel checks indicate solid demand for CHKP's blades and appliances. The early adoption of CHKP's recently launched high-end appliances (61000 and 21400) could generate 1Q12 results at least in line with our $0.71 on $310.8M (+10.5%) estimates (consensus at $312.8M/$0.71). A growing focus by cash-rich technology companies on capital allocation strategies could likely lead CHKP toward a more aggressive buyback plan or a dividend distribution. At 16x FY13E EPS (ex-cash), CHKP remains attractively valued, in our view. We are raising our PT to $70 (from $65), basing it on 20x our FY13E EPS (including cash). Reiterate Outperform.”

Check Point closed yesterday at $61.28.

Posted-In: OppenheimerAnalyst Color Price Target Analyst Ratings

 

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